President Obamas housing stimulus plan allows mortgage refinancing and modification benefits never before seen. Homeowners in all different situations can easily use this plan to get a better mortgage, save money every month, or even stop a pending foreclosure. Qualifying for this stimulus plan is extremely easy, and millions of homeowners can use it for themselves. Here is what you need to know:

The downturn in the overall economy has had a devastating effect on the housing market. This situation has left millions of homeowners struggling to pay their mortgage every month. Foreclosures and mortgage defaults are at an all time high, which just makes the situation worse.

This “Making Home Affordable” plan is a part of President Obamas overall stimulus package to help restore the economy. An estimated 9 million homeowners can avoid foreclosure and get refinancing or a loan modification which will help them get an affordable home loan. This plan not only saves individual homeowners, but entire communities which have been ravaged by dropping home prices.

Right now:

-Millions of homeowners who have been making their mortgage payments in full and on time every month are suffering from dropping home values, and are unable to get a refinancing into a lower interest rate.

-Homeowners everywhere have lost their jobs, wages reduced, or hours shortened, and are facing severe money problems and paying their mortgage is a constant struggle. Nearly 7 million homeowners are facing foreclosure right now, an all time high.

-Foreclosures destroy neighborhood and home values by as much as 9% for the surrounding area of the foreclosed property.

Here are some ways which homeowners will be able to find financial relief with this stimulus plan for their mortgage:

-Homeowners who have seen their property values drop by 15% or more can get assistance reducing their home loan payments every month.

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